Sydney And Melbourne Among The World’s Least Affordable For Housing

Home renovation may be the answer to people who want to enhance the value and sales potential of the home. Those who want higher returns on investment will choose kitchen or bathroom renovations but those who are remodelling on a budget will opt to change the colour of the walls to something that is more classy and elegant. For this task, you will need plasterers in Sydney and expert painters.

Like many young Australians, Georgia Blackie lives in Melbourne. The house is not perfect and lacked parking and a backyard. Because the house is near the major road and train station, evenings were mostly noisy. Georgia wants to buy the home otherwise, she will be renting forever.

However, Melbourne has the most expensive real estate market. Over the last 6 years, the value of homes has risen by more than 50%. In Sydney, the increase is even higher. According to a survey, Melbourne and Sydney are among the world’s least affordable housing which is worst than New York and London.

Lately, the prices of homes have gone down by 6%. The property market is taking a pause and millennials will finally afford a home. On the other hand, economists predict that housing prices will rebound. Meanwhile, people who took adjustable rate mortgages may face higher interest payments because global interest rates are rising.

Sydney and Melbourne account for a lion’s share of Australia’s property market. Home value in the two cities dropped last year. According to Carelogic, a property data provider, in some parts of Sydney, home value dropped by more 10% last year. Home value dropped by more than 2% in both Sydney and Melbourne, this year. The decline is due to new restrictions on foreign investments which discouraged the property investors from China. Because prices rose took quickly, Australians can no longer afford to buy a home.

These days, less than half of Australians are selling their homes. Others prefer to renovate their homes to have more space. During the process of renovations, plasterers in Sydney will create a high quality surface finish on the walls before they are painted to a more favourable and beautiful colour.